Question : In which of the following economic accounts are transfer payments included?
Option 1: Government account
Option 2: Household account
Option 3: Appropriation account
Option 4: Production account
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Correct Answer: Government account
Solution : The correct option is the Government account.
The government account includes transfer payments. Government payments to people or organisations that do not involve the exchange of commodities or services are known as transfer payments. These payments are made to redistribute wealth and income, and they are frequently motivated by the charity of the donor or the ill will of the recipient.
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